Plug Power (NASDAQ:PLUG) Price Target Raised to $2.50

Plug Power (NASDAQ:PLUG) had its target price lifted by Canaccord Genuity Group from $1.25 to $2.50 in a report released on Tuesday morning,Benzinga reports. They currently have a hold rating on the electronics maker’s stock.

Several other brokerages have also issued reports on PLUG. Wall Street Zen raised Plug Power from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. HSBC set a $4.40 price objective on shares of Plug Power in a report on Thursday, October 9th. HC Wainwright lifted their target price on shares of Plug Power from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Susquehanna boosted their target price on shares of Plug Power from $1.80 to $3.50 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Finally, Jefferies Financial Group raised their price target on shares of Plug Power from $0.90 to $1.60 and gave the stock a “hold” rating in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.50.

Plug Power Trading Down 8.8%

NASDAQ:PLUG opened at $2.49 on Tuesday. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of -1.08 and a beta of 2.28. Plug Power has a 52 week low of $0.69 and a 52 week high of $4.58. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average of $2.70 and a 200 day moving average of $1.78.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings results on Monday, November 10th. The electronics maker reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.01. Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The business had revenue of $177.06 million for the quarter, compared to analyst estimates of $185.41 million. Plug Power has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Plug Power will post -1.21 earnings per share for the current fiscal year.

Insider Transactions at Plug Power

In other Plug Power news, EVP Benjamin Haycraft sold 10,000 shares of Plug Power stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $2.92, for a total transaction of $29,200.00. Following the completion of the sale, the executive vice president directly owned 467,583 shares in the company, valued at approximately $1,365,342.36. The trade was a 2.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Kovack Advisors Inc. acquired a new position in Plug Power during the third quarter valued at $26,000. Sender Co & Partners Inc. acquired a new position in shares of Plug Power in the 2nd quarter valued at about $26,000. Yousif Capital Management LLC acquired a new position in shares of Plug Power in the 3rd quarter valued at about $27,000. Prakash Investment Advisors LLC purchased a new stake in shares of Plug Power in the third quarter worth about $27,000. Finally, Baader Bank Aktiengesellschaft acquired a new stake in Plug Power during the first quarter worth about $28,000. Hedge funds and other institutional investors own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.